The Stora Enso UK Group Pension Scheme has completed a £61m bulk purchase annuity transaction with Royal London. The deal covers 758 members.
“First and foremost, this is an excellent outcome for our members and now means the benefits for all members of the Scheme have been fully secured. Stora Enso have generously supported the Scheme for many years and achieving this milestone is testament to this as well as the support we have received from our advisers. The competitive process led by Quantum gave us a number of strong options to consider and we are very pleased to have completed this transaction with Royal London.” said Gordon Blum on behalf of the trustee.
“We’re proud to have partnered with the Trustee of the Stora Enso UK Group Pension Scheme to secure the benefits of more than 750 members. We’re looking forward to welcoming both the Trustee and their members to Royal London. This was also our first transaction with Quantum Advisory, and we’re pleased to have built such a strong foundation for future work together,” added Moin Patala, BPA Origination Lead at Royal London.
Quantum Advisory already provided actuarial, administration and investment advisory services to the trustee and were also chosen to provide risk transfer support to the trustee. Chris Mason of Quantum Advisory was the lead on the risk broking services and Burges Salmon were the scheme’s legal advisors. Royal London was advised by Mayer Brown.
“This is a really positive outcome for members, the trustee and Stora Enso. Following a lot of hard work by all advisers, the Scheme was well prepared to approach the market. We were very pleased to achieve such a high level of insurer engagement and competitive pricing giving the Trustee a wide range of choice. We were impressed by Royal London’s administration offering as well as their post transaction processes and are very pleased to have completed our first transaction with them,” said Chris Mason, Principal Consultant at Quantum Advisory.
